Enovis (NYSE:ENOV) Shares Down 4.8% – Here’s What Happened

Enovis Corporation (NYSE:ENOV) shares were down 4.8% during mid-day trading on Thursday . The company traded as low as $27.95 and last traded at $27.8850. Approximately 483,124 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,076,810 shares. The stock had previously closed at $29.28.

Wall Street Analysts Forecast Growth

ENOV has been the topic of a number of analyst reports. UBS Group reduced their target price on shares of Enovis from $65.00 to $57.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Needham & Company LLC reduced their price target on shares of Enovis from $57.00 to $49.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company increased their price objective on Enovis from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Canaccord Genuity Group reduced their target price on Enovis from $70.00 to $58.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovis in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Enovis presently has an average rating of “Moderate Buy” and a consensus target price of $51.17.

Enovis Price Performance

The stock’s 50-day moving average is $30.56 and its 200 day moving average is $30.79. The stock has a market capitalization of $1.60 billion, a PE ratio of -1.18 and a beta of 1.52. The company has a quick ratio of 1.16, a current ratio of 2.22 and a debt-to-equity ratio of 0.66.

Enovis (NYSE:ENOV) last issued its earnings results on Monday, January 8th. The company reported $0.59 EPS for the quarter. Enovis had a positive return on equity of 7.79% and a negative net margin of 61.22%.The firm had revenue of $383.81 million for the quarter. As a group, equities analysts predict that Enovis Corporation will post 2.79 earnings per share for the current year.

Insider Activity

In related news, insider John Kleckner acquired 2,468 shares of the stock in a transaction dated Tuesday, November 25th. The shares were acquired at an average price of $30.32 per share, with a total value of $74,829.76. Following the acquisition, the insider owned 12,302 shares in the company, valued at approximately $372,996.64. The trade was a 25.10% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Damien Mcdonald bought 6,457 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were bought at an average cost of $30.97 per share, with a total value of $199,973.29. Following the transaction, the chief executive officer directly owned 102,753 shares of the company’s stock, valued at approximately $3,182,260.41. This trade represents a 6.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Enovis

Several large investors have recently bought and sold shares of the stock. Cetera Investment Advisers grew its stake in shares of Enovis by 30.9% in the 1st quarter. Cetera Investment Advisers now owns 24,591 shares of the company’s stock valued at $940,000 after purchasing an additional 5,809 shares during the period. LPL Financial LLC boosted its stake in Enovis by 40.1% in the 1st quarter. LPL Financial LLC now owns 48,949 shares of the company’s stock valued at $1,870,000 after buying an additional 14,013 shares in the last quarter. Mackenzie Financial Corp grew its position in Enovis by 35.8% in the first quarter. Mackenzie Financial Corp now owns 7,280 shares of the company’s stock valued at $278,000 after acquiring an additional 1,920 shares during the period. Natixis Advisors LLC raised its stake in Enovis by 4.0% during the first quarter. Natixis Advisors LLC now owns 20,157 shares of the company’s stock worth $770,000 after acquiring an additional 776 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Enovis by 2.5% during the first quarter. US Bancorp DE now owns 19,031 shares of the company’s stock valued at $727,000 after acquiring an additional 462 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Enovis Company Profile

Enovis Corporation operates as a medical technology company focus on developing clinically differentiated solutions worldwide. It also manufactures and distributes medical devices which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company operates through Prevention and Recovery, and Reconstructive segments.